What are MPRs?
When you decide to leverage your VA loan benefit, you have to follow a checklist of criteria to assess the property’s value. There are two goals: 1) To make sure your intended purchase is worth what you’re offering to pay for it. 2) To ensure the property meets VA and lender guidelines. These goals are met by having a VA appraisal done that follows the VA’s Minimum Property Requirements checklist. This list of requirements are unique and can be somewhat frustrating for unprepared home buyers. This why it is important to have a basic understanding of what they are looking for during the appraisal. While the MPR list is quite comprehensive, there are major MPR “issues” that tend to surface time and again. [...]